On June 23, the NTS announced that it will officially launch the online one-on-one tax consultation service starting in July, specifically targeting overseas citizens planning to return to Korea.
Earlier this year, the NTS established the "K-Tax Angel" team, which directly visits overseas communities to offer tax lectures and consultations. The new online service is an extension of this initiative, allowing expatriates to receive tax advice without the constraints of time and location.
Many overseas citizens have expressed anxiety regarding tax issues upon their return to Korea. Common misconceptions include the belief that all income earned abroad will be taxed in Korea upon return, and questions about whether taxes must be paid in Korea when transferring or gifting foreign assets. Concerns about unexpected tax risks during the process of bringing overseas assets back to Korea have also delayed some individuals' decisions to return.
The consultations will be available to overseas citizens who have been residing abroad for an extended period and are planning to return to Korea. The NTS estimates that there is significant demand for consultations among the 7 million overseas Koreans, particularly in major countries such as the United States (2.56 million), China (1.85 million), Japan (960,000), and Canada (260,000). Given that over 60% of permanent returnees last year were over the age of 60, the service is expected to assist older expatriates in their preparations for returning home.
Consultations will be conducted via video or phone. For video consultations, participants can join through a Zoom invitation link on their PC or smartphone. Phone consultations can be conducted using landlines or voice call applications. Expatriates can choose their preferred method of consultation.
A team of four international tax specialists from the NTS's International Tax Division will handle the consultations. The scope of the consultations will cover various tax issues related to returning to Korea, including residency determination for tax purposes, inheritance and gift taxes related to overseas assets, reporting requirements for foreign financial accounts, tax implications of liquidating foreign corporations, and tax procedures for new domestic businesses.
The NTS plans to provide information on potential tax savings for applicants where applicable. This includes guidance on exemptions from capital gains tax for primary residences and foreign tax credits for taxes paid abroad, which can be useful during the settlement process in Korea.
Overseas citizens wishing to consult can submit a consultation request form via email or fax. They can also apply anonymously without providing personal information. All consultation-related information will be kept confidential and will not be used for any purpose other than the consultation.
However, the NTS has clarified that the consultation content does not carry legal authority and cannot be used as evidence for various filings or appeals.
NTS Commissioner Lim Kwang-hyun expressed hope that the new tax consultation service will serve as a stepping stone for overseas citizens who have worked hard abroad to return to Korea. He urged the consultation team to actively assist those seeking to return.
* This article has been translated by AI.
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